Bitwise Solana ETF Hits $69.5 Million in Inflows on First Trading Day

The Solana ETF issued by Bitwise is already off to a good start after news of its launch garnered attention across the crypto space yesterday. The investment product tied to the leading altcoin has not only gained hype but has already begun to record massive inflows a few hours after launch.

Data provided by Farside Investors shows that the Bitwise Solana ETF (BSOL) recorded $69.5 million in inflows on October 28, its first day of trading. This highlights strong institutional interest in Solana as the asset becomes the center of attention.

The impressive performance posted by BSOL has stirred discussion, as it has posted the highest first-day trading volume among over 800 ETFs that have launched this year, according to an ETF Institute representative, Nate Geraci.

BSOL as first SOL ETF in the US

Although the U.S. government shutdown is yet to come to an end, an order passed by the Securities and Exchange Commission (SEC) prior to the shutdown has made the process easy for all ETF applications.

The order, which allows easy approval of ETF filings without the need for an intermediate review but on the condition that they meet the requirements of the S-1 forms, has made the launch of the Bitwise Solana ETF possible despite the government shutdown.

Following its debut on October 28, BSOL stands as the first direct Solana ETF to launch in the U.S.

While Solana stands as one of the top-performing cryptocurrencies in this bull phase, the strong performance recorded by the Solana ETF on the first day has further attracted more interest to the ecosystem. The record early inflow suggests that investors are eager to gain Solana exposure through traditional market infrastructure.

Nonetheless, it is important to note that the launch of the Bitwise Solana ETF coincided with the launch of other crypto ETFs, including a Solana Trust ETF from Grayscale.

While the Bitwise Solana ETF has seen impressive investor engagement in just about 24 hours, GSOL has not yet recorded any inflow since it launched alongside BSOL yesterday.